I 22 M. Is a graphic design. I make $5,500 per month. I have a business that does design and printing services. I make anywhere from $1k to $3k per month with this. I also own a foam machine. I rent this out for $2k. Recently got a few months ago. Only got it rent once thus far. And lastly. I hosts events. The last event I did brought in around $20k which got stolen from me, but that's besides the point. Before I as started all of these. The long term goal was to be able to minimize the cost of my events by being able to design and print my own posters, flyer, tickets, etc.. and also supply my own equipment, foam machine, lights, sound system etc… hence the reason for the two other businesses.
Lately I've been a little lost as to where my attention should be focused as when it's on all three I'm over whelmed. I haven't even been actively promoting or advertising any of the business lately. I'm just stuck with the clientele that I got for the printing business which is why I'm consistently bring in that amount. It's been months since the foam machine got rented and my next event carded for next year February. What should I do?
Should I continue focusing on all three of my businesses or focus on one?
byu/Sure-Construction985 inEntrepreneur
Posted by Sure-Construction985
10 Comments
I say scale and focus on the one that makes the most sense . You can get a lot more done if you are going full steam one way then slow 3 ways
Intriguing situation.
First off, respect for being a young dude hustling and making money like that already.
Secondly, are you asking because you’re overwhelmed or just cause you want to pick one?
From my perspective the foam machine isn’t full time, more or less a side hustle. Can’t imagine you spend too much time doing that. Events probably take some time, I would imagine most of your time. Graphic design is beneficial cause you can work from anywhere, on your own time.
I may be wrong on everything I said, but I’m assuming you’re not over grinding. If you’re not overwhelmed or burnt out, why not just keep doing them all? I would imagine events and foam machine is somewhat cyclical? So summer ending you’d be slow, so focus on graphic design. As summer rolls back, bring back the other two and grind those while doing less graphic design.
Just what I would do personally, not trying to tell you how to run your shit.
Stick with the one you think you can do for the next 10-15+ years. Focus on that and ditch the rest.
Start a 4th and focus on that one.
Damn, getting $20k stolen is rough man. Sorry to hear that. I’d say focus on the graphic design and printing since it’s the most consistent income. You can still do the events and foam machine rentals, but make them more of a side hustle. That way you’re not spread too thin and can really grow the design biz. Just my 2 cents tho, you gotta do what feels right for you 🤙
I think it’s time to hire managers for these projects. I believe hiring managers for your businesses will give you enough time to think about your next phase and allow more room to consider different strategies related to your projects, whether they are marketing strategies or expansion strategies, or even starting supportive businesses for your current ones. Wishing you all the best!
Add a fourth one
Focus on one.
Actually come on these all sound like one business to me the full stop so consolidate them into one offering full stop because when you do design and print and you are a graphic designer that’s a really good combination is owned white because you have more of the workflow inside your business.